The editors of BeInCrypto have compiled a top list of altcoins that showed the maximum increase in the week from January 27 to February 3
In addition to dYdX and Optimism, the list of these altcoins includes:
- dYdX (DYDX) +40.88%
- Mina (MINA) +30.36%
- Optimism (OP) +32.03%
- Loopring (LRC) +30.45%
- Convex Finance (CVX) +20.89%
dYdX at the forefront of successful altcoins
As it became known a week earlier, decentralized crypto exchange (DEX) dYdX changed plans to unlock its native DYDX governance tokens and moved the date of the first unlock from February 3 to the 4th quarter of 2023.. This blockage extension was bullish for the price of the token, as it temporarily saved it from an increase in the total number of coins in circulation.. Accordingly, DYDX immediately reacted to this news with a price jump.
According to the results of technical analysis, the coin of the dYdX project has been actively strengthening since the beginning of the year. On January 30, the price broke through the $2.50 resistance area and peaked at $3.67 two days later.. However, a long upper wick appeared on the chart and the candle closed was bearish (red circle), which are signs of bearish pressure.
If decline starts, DYDX could test $2.50 support area again. On the other hand, if the coin continues to rise, a strengthening to $4.40 is possible.
Source: TradingView Mina fails to break above resistance
The MINA price bullishly broke out of the descending resistance line on January 26, and turned it into support two days later (green icon). Further, the price began to grow and on February 1 reached a maximum of $0.97.
This area offered resistance to the bulls, and a long upper wick (red icon) appeared on the chart.
If the decline continues, the immediate support will come into play in the $0.77 area. On the other hand, a strengthening price could send the coin to a high of $1.15.
Source: TradingView Optimism updated all-time high
Optimism OP coin, which is Ethereum’s second layer scaling solution, has been accelerating growth since the beginning of the year. On January 21st, the price made a bullish breakout of the $2 resistance area, and three days later returned to test its strength as support (green icon).
On February 2, Optimism updated its all-time high at $3.13, approaching the Fibo level of 1.61 external correction at $3.23. A breakdown of this level may cause an acceleration in the growth rate of the price in the direction of the Fibo level 2.61 extension by $4.83.
Meanwhile, a rebound from this level can provoke a fall in the direction of $2.
Source: TradingView Loopring breaks resistance
Loopring (LRC) is a cryptocurrency of the project of the same name, whose team, like Optimism, created a second-level (L2) solution for the Ethereum blockchain. Developer tools help to reduce the cost of transactions in the platform network and speed up their implementation.
After three failed attempts (red icons), the LRC price made a bullish breakout of the descending resistance line on January 24. On Feb. 2, the price hit a high of $0.45. In the process of this growth, there was also a breakout of the $0.34 horizontal resistance area.
Next, resistance will come into play around $0.50. If the bulls are exhausted, the coin may sink to $0.34.
Source: TradingView Convex up 100% in January
The CVX token closes the top list of altcoins. Its exchange rate doubled in January. On January 14, the price broke through the descending resistance line and on February 2 marked a high of $7.26. In the process of growth, the coin also recovered above the $5.90 resistance area.. If the bullish momentum fades, this area could provide support to the market.
In the meantime, if the rally continues, the next resistance will be for the bulls around $7.80.
Source: Trading View
Previously, the editors of BeInCrypto told why Bitcoin (BTC) has probably already entered the bull market phase.
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